Colombia Plans To Cancel Tariffs On Clothing Products Imported From South Korea

　　 Columbia Agree to cancel the import of goods from South Korea textile The sixth round of negotiations between the two sides began at the end of 2009.

The conclusion of the bilateral consultations will lead to the birth of the South Korea Colombia Free Trade Agreement and create an institutional framework and a favorable environment for trade and investment between the two countries.

According to the free trade agreement, South Korea will use Colombia as a gateway to South America, and Colombia will use South Korea as a gateway to Asia, said South Korean President Lee Myung bak.

Korean Clothing

Although the implementation date of the South Korea Colombia Free Trade Agreement has not yet been finalized, the agreement is expected to be implemented in the first half of 2013, and needs to be approved by the parliaments of the two countries.

This free trade agreement will eliminate tariffs on 96.1% of Colombian goods and 96.7% of Korean goods within 10 years of its implementation.

According to this free trade agreement, Colombia the republic of korea Imported textiles and clothing The tariff of% will end either immediately or within 7 years.

In 2011, South Korea exported US $2 billion worth of goods to Colombia. Compared with South Korea's exports to other trading partners, this export amount is not very important. However, South Korea believes that Colombia is a market with great growth potential in emerging markets.

The signing of this free trade agreement will make South Korea the first Asian country to sign a free trade agreement with Colombia.